The total external debt of the private sector as of June 30, 2005 amounted
to US$ 51,882 million, of which US$ 46,570 million (90%) corresponded
to the non-financial private sector (NFPS) and US$ 5,312 million (10%) to the private financial sector
(SPF).
̧ The non-financial private sector recorded an increase in its external debt of
US$ 637 million, which was more than offset by the reduction in the external liabilities
of the financial sector (US$ 721 million). This decrease was
mainly associated with the recording of offsets between external assets and liabilities
of official banks.
̧ The increase in the external debt of the non-financial private sector is mainly explained
by the financing of commercial operations. Debt
associated with export advances and pre-financing grew by US$
1,000 million and obligations linked to imports increased by US$
183 million. On the other hand, financial debts contracted US$ 611
million.
̧ The sharp increase in external liabilities for export advances and pre-financing
(25% with respect to debt at the end of March) was the result of the
combination of the growth in the value exported, the incidence of the
seasonal component of grain and oilseed exports and tax payments
, and the implicit incentives for the entry of external funds under
this modality. based on the rules implemented in the quarter for the
regulation of short-term financial capital movements.
̧ The fresh funds received by the NFPS amounted to only US$ 169 million,
showing a contraction with respect to the values they had been registering in recent
quarters.
̧ The non-financial private sector made pre-cancellations of financial
debt for a total of US$ 435 million. In addition, it canceled US$363 million for
principal maturities for the period and US$176 million corresponding to
capital arrears; totaling in the second quarter of 2005, gross principal cancellations
of financial loans and debt securities for US$974
million.
̧ The reduction in the external debt of the financial sector in the second quarter
of 2005 was mainly achieved through a reduction in the balances
owed by credit lines and correspondent balances (US$ 530 million)
and debt capitalizations (US$ 104 million).
